REA’s profit slips 9%, with group thankful not to have been ‘catastrophically’ hit by COVID-19
REA Group’s revenue for the 2020 financial year was down 6% to $820.3m, and net profit down 9% to $268.9m.
The group noted it had, like most businesses, been hit by the challenging market conditions created by COVID-19, but that it had not been catastrophic for its bottom line and nor did it need to access government assistance.
No employees, the company said, had been stood down or asked to reduce their pay. Instead, the remuneration report confirmed there has been “a very small number of employees” who had their positions made redundant.
Salary costs were $168.763m for 2020 financial year, relatively steady with last year’s $168.601m. Total employee benefits cost the company $190.199m, up marginally from $185.778m in the 2019 financial year. CEO Owen Wilson took home a total salary package of $1.783m, down slightly on last year’s $1.974m.Chairman Hamish McLennan’s salary package was stable at $495,012 (up from $495,000 last year).
As one of the “very small number of employees who had their positions made redundant”, that statement is a joke. PR obviously hasn’t spoken to HR.